The CEO of Interscope Records Jimmy Iovine has finally decided to move on with his incredible music business career by leaving the label he founded over 20 years ago. The move comes shortly after the massive Apple/Beats Electronics deal.
According to reports, Iovine will be replaced by a notable Interscope Records executive.
“Universal Music Group (UMG), the world’s leading music company, announced today that John Janick, COO and President of Interscope Geffen A&M (IGA), will succeed Jimmy Iovine as Chairman and CEO of IGA later this year. As separately announced today, Iovine, who founded the Interscope label in 1989 and later co-founded Beats Electronics in 2008, will join Apple® when it closes its acquisition of Beats. The transaction is expected to close in Apple’s fiscal fourth quarter (which closes in September), subject to regulatory approval.” (Market Watch)
Jimmy Iovine has already released a statement confirming the departure of the label.
“John Janick has exactly what it takes to lead Interscope Geffen A&M: he started his own label, he understands the art of making records and the unique dynamic between a record label and artist, as well as the enormous responsibility that comes with representing one of the greatest artist rosters ever assembled. It’s always been so important to me to be able to identify and train the right successor, so I’m thrilled to have found John Janick. And during the last few years, as I was preparing John to take the reins, Lucian Grainge was transforming UMG, a transformation that made it possible for me to make this transition knowing that Interscope is in good hands.” (Statement)